Sample Chart of Accounts - Simon Foucher



Sample Chart of Accounts

ACCOUNT NO.

ACCOUNT TITLE

NORMAL ACCOUNT BALANCE

CURRENT ASSETS

1000

Petty Cash

Debit

1010

Cash

Debit

1100

Trading Securities

Debit

1110

Available-for-Sale Securities

Debit

1150

Allowance to Adjust Securities to Market Value

Debit (adjunct asset account) or credit (contra asset account)

1200

Accounts Receivable

Debit

1210

Allowance for Doubtful Accounts

Credit (contra asset account)

1300

Notes Receivable

Debit

1400

Merchandise Inventory

Debit

1500

Supplies

Debit

1600

GST/HST Recoverable

Debit

1700

Prepaid Expenses (e.g., Advertising, Insurance, Rent)

Debit

1800

Other Receivables and Accruals (e.g., Interest Receivable)

Debit

LONG-TERM INVESTMENTS

2000

Available-for-Sale Securities

Debit

2010

Allowance to Adjust Available-for-Sale securities to market value

Debit (adjunct asset account) or credit (contra asset account)

2100

Held-to-Maturity Securities

Debit

2200

Equity Investments

Debit

PROPERTY, PLANT, AND EQUIPMENT

2500

Land

Debit

2550

Land Improvements

Debit

2560

Accumulated Amortization – Land Improvements

Credit (contra asset account)

2600

Building

Debit

2650

Accumulated Amortization – Building

Credit (contra asset account)

2700

Equipment

Debit

2750

Accumulated Amortization – Equipment

Credit (contra asset account)

2800

Motor Vehicles

Debit

2850

Accumulated Amortization – Motor Vehicles

Credit (contra asset account)

INTANGIBLE ASSETS

2900

Limited Life Intangibles (e.g., patents, copyrights)

Debit

2910

Accumulated Amortization – Limited Life Intangibles

Credit

2950

Indefinite Life Intangibles – (e.g., goodwill, trademarks, franchises, licenses)

Debit

CURRENT LIABILITIES

4000

Bank Indebtedness

Credit

4100

Notes Payable

Credit

4200

Accounts Payable

Credit

4300

Interest Payable

Credit

4400

Warranty Liability

Credit

4500

GST/HST Payable

Credit

4510

PST Payable

Credit

4600

Salaries and Wages Payable

Credit

4610

Income Tax Payable – Employee

Credit

4620

CPP Payable

Credit

4630

EI Payable

Credit

4640

Employee Benefits Payable

Credit

4700

Property Tax Payable

Credit

4800

Unearned Revenue

Credit

4900

Other Payables and Accruals

Credit

4950

Current Maturities of Long-Term Debt

Credit

4960

Income Tax Payable (for corporations only)

Credit

LONG-TERM LIABILITIES

5000

Notes Payable

Credit

5100

Mortgage Payable

Credit

5200

Bonds Payable

Credit

5250

Discount/Premium on Bonds Payable

Debit (if discount) or c; Credit (if premium)

5300

Lease Liability

Credit

5400

Future Income Taxes (for corporations only)

Credit

OWNER’S EQUITY

5500

Name, Capital

Credit

5550

Name, Drawings

Credit

5560

Income Summary

Credit (if net income) or debit (if net loss)

SHAREHOLDERS’ EQUITY (Corporation)

5600

Preferred Shares

Credit

5650

Common Shares

Credit

5660

Other Contributed Capital

Credit

5700

Retained Earnings

Credit

5750

Dividends

Debit

5760

Stock Dividends Distributable

Credit

5800

Accumulated Other Comprehensive Income

Credit (if income) or d, Debit (if loss)

5900

Income Summary

Credit (if Net income) or Earnings, Debit (if Net Loss)

REVENUES

6000

Sales

Credit

6010

Sales Returns and Allowances

Debit (contra revenue account)

6020

Sales Discounts

Debit (contra revenue account)

6100

Gain on Sale

Credit

6200

Other Revenue (e.g., Interest, Rent, Dividend)

Credit

6300

Unrealized Gain on Trading Securities

Credit

EXPENSES

7000

Cost of Goods Sold (assuming perpetual inventory system)

Debit

8000

Advertising Expense

Debit

8100

Amortization Expense

Debit

8150

Loss on Impairment

Debit

8200

Bad Debt Expense

Debit

8210

Employee Benefits Expense

Debit

8220

Freight-Out

Debit

8230

Insurance Expense

Debit

8300

Interest Expense

Debit

8400

Loss on Sale

Debit

8410

Office Expense

Debit

8420

Property Tax Expense

Debit

8430

Rent Expense

Debit

8440

Repairs and Maintenance Expense

Debit

8500

Salaries and Wages Expense

Debit

8510

Supplies Expense

Debit

8520

Telephone Expense

Debit

8530

Travel Expense

Debit

8540

Utilities Expense

Debit

8550

Warranty Expense

Debit

8600

Unrealized Loss on Trading Securities

Debit

8700

Other Expenses

Debit

8800

Income Tax Expense (for corporations only)

Debit

OTHER COMPREHENSIVE INCOME

9000

Unrealized Gain on Available-for-Sale Securities

Credit

9010

Unrealized Loss on Available-for-Sale Securities

Debit

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